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MODEL
CLAUSE
FACT
recommends the following ARBITRATION / CONCILIATION
clause. Parties are free to insert this clause into
their contracts:
ARBITRATION
CLAUSE
"Any dispute or difference or claim arising out
of or in relation to this contract, including the construction,
validity, performance or breach thereof, shall be settled
and decided by arbitration in accordance with the Rules
of Arbitration of the Arbitration and Conciliation Tribunal
of the Federation of Indian Chambers of Commerce and
Industry (FACT) and the award made in pursuance thereof
shall be binding on the parties."
CONCILIATION
CLAUSE
"If
a dispute arises out of or in connection with this contract,
or in respect of any defined legal relationship associated
therewith or derived therefrom, the parties agree to
seek an amicable settlement of the dispute through conciliation
under the Rules of Conciliation of the Arbitration and
Conciliation Tribunal of the Federation of Indian Chambers
of Commerce and Industry (FACT).
The
authority to appoint the conciliator/conciliators shall
be the FACT and FACT will provide administrative services
in accordance with the FACT Rules of Conciliation."
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Parties
need not have a prior Conciliation clause or Arbitration
clause or agreement to refer their dispute to
FACT. Cases may be registered on the spot after
written consent
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Parties
are free to try for Optional Conciliation before
resorting to Arbitration.
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Parties
may select the FACT Fast Track Procedure for sArbitration
for speedier resolution of their disputes.
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| The
FACT Conciliation procedure may be used both by
parties who have already agreed to conciliate, by
virtue of contractual provisions, and by parties
who have not provided for conciliation, but who
wish to conciliate their dispute, either in an attempt
to avoid litigation or arbitration. |
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